What is income tax?
Understanding Taxes and Income

Flashcard
•
Mathematics
•
5th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
A tax taken from money people earn from working.
2.
FLASHCARD QUESTION
Front
What type of tax is added to the price of items at a store?
Back
Sales Tax.
3.
FLASHCARD QUESTION
Front
What do property taxes help pay for?
Back
Schools, fire departments, and roads.
4.
FLASHCARD QUESTION
Front
What is an example of payroll tax?
Back
Money taken out of your paycheck for Social Security.
5.
FLASHCARD QUESTION
Front
How do you calculate net income?
Back
Gross income minus taxes and deductions.
6.
FLASHCARD QUESTION
Front
What is gross income?
Back
The total amount of money earned before any deductions.
7.
FLASHCARD QUESTION
Front
What is the purpose of sales tax?
Back
To generate revenue for state and local governments.
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